标题: 实质选择权赛局于电脑产业因应低碳投资之应用
Strategic Investment as a Real Options Game :An Application to Low-carbon Investment of Computer Industry Responses to Climate Change
作者: 高萱龄
Kao, Hsuan-Lin
黄星华
Huang, Hsing Hua
管理学院财务金融学程
关键字: 暖化;气候变迁;低碳;投资;实质选择权赛局;电脑产业;global warming;climate change;low-carbon;investment;real options game;computer industry
公开日期: 2009
摘要: 全球暖化改写了企业经营风险,面对来自于供给面和需求面之环境和行为改变,本篇研究试图解答开发在追求股东权益最大化目标下,企业是否具足够动机研发和量产低碳商品。

本篇研究探讨价格竞争之电脑产业于低碳商品之投资决策,以台湾宏□公司其美国市场之竞争者为研究案例,运用两期之实质选择权赛局法分析该公司是否应进行低碳之“塑胶再生料电脑”之研发投资。

于本研究假设前提下,本研究发现Acer公司评估于美国电脑市场之投资决策时,综合考量(1)碳排放政策、(2)研发之实质选择权及(3)竞争对手互动反应后,应选择进行“塑胶再生料电脑”研发,以获取求最大利益。经敏感性分析发现,决定投资价值主要因素为(1)投资低碳商品对Acer公司未来之成本效益(即,暖化政策),以及(2)需求量对Acer产品价格敏感性(即,消费者态度)。
The global warming is changing behaviors of supply and demand. The study attempts to resolve whether companies have enough motivations to investing in low-carbon products to maximize shareholder value.

The article uses two-stage Real Options Game Methodology to analyze how computer industry faces the limitation on greenhouse gases emissions(GHG), which is an additional cost to every company doing business in US market, and examine Acer and its competitors regarding the low-carbon investment on Post-Consumer Recycled Plastic Material Computer as case study.

Under the assumptions of this thesis and the conditions of price competition, the study finds that considering (1) U.S. GHG regulations, (2) R&D Real options, and (3)competitors’ reactions, the optimal decision of Acer is to invest in the Post-Consumer Recycled Plastic Material Computer to achieve maximum return. Through scenario analyses, this paper finds two key factors that determines investment value; they are (1) the future cost-effectiveness generated by low-carbon products for Acer (base on warming policy), and (2) elasticity of demand on price in Acer’s product (depending on consumers’ attitudes).
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT079772503
http://hdl.handle.net/11536/46374
显示于类别:Thesis


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